Business

Vinalines raises only 2.3 million USD from IPO

The State-owned Vietnam National Shipping Lines (Vinalines) raised just over 54.4 billion VND (2.34 million USD) from an initial public offering (IPO) at the Hanoi Stock Exchange on September 5.
Vinalines raises only 2.3 million USD from IPO ảnh 1Vinalines raised just over 54.4 billion VND (2.34 million USD) from its IPO on September 5 (Photo: VNA)

Hanoi (VNA) – The State-owned Vietnam National Shipping Lines (Vinalines)raised just over 54.4 billion VND (2.34 million USD) from an initial publicoffering (IPO) at the Hanoi Stock Exchange on September 5.

Theauction offered approximately 490 million shares or 34.8 percent of the firm’scharter capital at the IPO price of 10,000 VND apiece.

Itattracted 42 investors with the highest bid valued at 13,000 VND per share andthe lowest bid of 10,000 VND per share.

Vinalinessold more than 5.44 million shares – only just over 1.1 percent of the total offeredat the IPO at an average price of 10,002 VND apiece.

Ofthe amount, nearly 5.14 million shares were purchased by individual investors,while the remaining 300,000 shares were sold to organisations.

TheVinalines shares will be listed on the Unlisted Public Company Market (UPCoM)within the next three months.

Vinalinesis a State-owned enterprise under the management of the Ministry of Transport, andengages in shipping, port management, and maritime and logistics services inVietnam and around the world.

Asof the first quarter of 2018, Vinalines owned a fleet of 92 ships and operated67 wharves (or 27 percent of the total wharves nationwide).

It has a 100 percent stake in four companies and controlling stakes (50-70percent) in 34 subsidiaries, as well as making capital contributions to a dozenothers.

Thecorporation said in recent years, it has successfully restructured and cut downits debt from 9.1 trillion VND (equivalent to 400.8 million USD) in 2014 to2.61 trillion VND (114.9 million USD) in 2017.

Last year, it reported total revenues of nearly 16 trillion VND (668 millionUSD), up 15 percent over its target set for the whole year – of which, maritimeservice was the biggest contributor with 7.1 trillion VND in revenue. Portoperation and shipping services each accounted for more than 4.4 trillion VND.

Consolidated profit was estimated at 515 billion VND (over 22 million USD), thehighest in the last five years of the firm’s restructuring.–VNA
VNA
#Vietnam National Shipping Lines #Vinalines #Vinalines' IPO #initial public offering #State-owned enterprises #SOE restructuring #updated Vietnam news #Vietnamplus #Vietnam News Agency
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